Haaland reached 30 Premier League goals for the season after scoring twice in Manchester City's 4-1 win at Southampton on Saturday.
His second goal was particularly brilliant; a stunning overhead kick from Jack Grealish's cross.
In his first season in England, Haaland has reached 44 goals across all competitions, moving level with Ruud Van Nistelrooy and Mohamed Salah as the Premier League players with the most goals for a single campaign.
The record for most goals scored in a Premier League campaign is 34 which Shearer jointly holds with Andy Cole.
But Shearer knows it will not be long before Haaland obliterates that record as Manchester City still have eleven games to play.
"If he can stay fit, Haaland will obliterate the Premier League record I share with Andy Cole of 34 goals in a single season," Shearer said in his column for The Athletic.
"At his current rate of averages in all competitions, with 44 in 38 appearances, he will storm past 50. Even that may be a disservice to him.
"Who knows, we could even be talking 60 and Dixie Dean territory. Scary."
"I wonder how many people thought it was hyperbole when I wrote nearly a year ago that Erling Haaland would score 40 goals in this Manchester City team?" Shearer said.
"City were buying goals – as close as you can get to an absolute, cast-iron guarantee – by adding an exceptional centre-forward to a phenomenally creative side.
"If anything, I was being stingy. Exceptional? He's almost perfect and that haul of 40 is already in his rearview mirror."
